Payment in kind (PIK) provisions—loan note instrument

The following Corporate precedent provides comprehensive and up to date legal information covering:

  • Payment in kind (PIK) provisions—loan note instrument

Clause 1.1 —Add the following definition:

PIK Notes means Payment in Kind Notes;

[Loan note instrument—buyout—sellers:

Schedule 1 – In paragraph 3, add the following new paragraphs after paragraph 3.2 and renumber the following paragraphs accordingly:]

3.3 On any Interest Payment Date, the Issuer may issue to the relevant Noteholders that number of PIK Notes of £1 nominal amount that equals every £1 of interest due to the Noteholder (rounded upwards to the nearest whole number) in full or partial satisfaction of interest that has accrued in respect of the Notes up to that Interest Payment Date, [except that the Issuer shall b

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